Bonk Price Prediction as $600 Million Pumps BONK 9.3% – Time to Buy?
The Bonk price has jumped by 9% in the past 24 hours, reaching $0.00003445 on a day when the crypto market as a whole has gained by 2.5%.
BONK remains down by 16% in a week, yet the Solana-based meme token is up by 7% in a fortnight and 24% in a month.
It also sits on a highly impressive 7,700% increase over the last 12 months, making it easily one of the best-performing top-100 coins over this timeframe.
And with the market looking like it has begun a new phase of growth, the Bonk price could see further increases in the near future.
BONK’s chart is signalling a big increase in momentum, yet what’s encouraging is that its indicators suggest it has room to continue rising for a while yet.
Its 30-day moving average (orange) is rising towards the 200-day average (blue), with the shorter term average needing to rise well above the 200-day before BONK enters an overbought position.
The coin’s relative strength index (purple) rose to 70 early this morning, and while it has dipped it’s likely to rebound soon, given that it had spent most of the last week below 50.
What’s also encouraging is that BONK’s 24-hour trading volume is above $600 million, which is fairly high in relation to recent levels.
This suggests increasing demand and momentum, with BONK having seen some big buys from whales in the past few weeks.
A whale is selling 1.7M $WIF($4.4M) at a loss to buy $tremp and $BONK after the $WIF price dropped.
Which caused the price of $tremp and $BONK to increase.
The whale spent 25,682 $SOL($5M) to buy 1.7M $WIF at $2.94 on Mar 17.
After the $WIF price dropped, he started selling… pic.twitter.com/Ad8mdvLc50
— Lookonchain (@lookonchain) May 19, 2024
One reason to be pretty bullish about meme tokens right now is that GameStop trader
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